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Bitcoin Targets $35K amid Potential Massive Liquidity Squeeze

As Bitcoin targets $35K, analysts predict a potential massive liquidity squeeze and market pessimism, while the cryptocurrency remains on track for its highest weekly close in ten months.

Bitcoins and Dollar
Bitcoins and Dollar

BTC Price Analysis Predicts Liquidity Squeeze at $30,000

According to the latest BTC price analysis, Bitcoin is predicted to cause massive liquidations if its price rises to take out the ask liquidity of around $30,000. The cryptocurrency remains on track for its highest weekly close in ten months at $28,000.

Bitcoin Consolidates Below Key Resistance Level

Data from Cointelegraph Markets Pro and TradingView reveals that BTC/USD remained stable over the weekend after closing March near $28,500. A critical point of resistance from earlier in its current halving cycle, this trading zone presents a significant challenge for bulls to conquer. If successful, price targets could extend beyond the $30,000 mark.

Market Pessimism Prevails as Bitcoin Approaches Milestones

Despite NASDAQ & S&P finishing strong in the weekly close, analyst Matthew Hyland notes significant pessimism and disbelief surrounding major milestones for stocks and Bitcoin. According to the popular Twitter account Byzantine General, a breakthrough of resistance above the spot price could result in massive liquidations, leading to further upward momentum.

Short-term Traders Await Weekly Close Confirmation

Traders wait for the weekly close on shorter timeframes to confirm prior gains. Some, like Crypto Tony, suggest that Bitcoin's price will continue to range until it reclaims the range high of $28,750. Others, like trading resource Stockmoney Lizards, believe a correction is "very likely" before BTC/USD reaches $30,000.

Bitcoin Gains 23% in March, Mimics Previous Trajectories

Last month proved to be one of Bitcoin's best March performances, with 23% gains for BTC/USD nearly matching its 2021 performance. Coinglass shows that Bitcoin's trajectory is similar to 2013 and 2021, experiencing at least three months "in the green" before significant consolidation commenced.